Budget Resolutions and Economic Situation

Christian Wakeford Excerpts
Tuesday 9th March 2021

(3 years ago)

Commons Chamber
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Christian Wakeford Portrait Christian Wakeford (Bury South) (Con)
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This year’s Budget is like no other, not only coming at the height of a global economic crash brought on by covid but setting the terms of our recovery as we embark on the road map to freedom. This is all made possible by the amazing vaccine roll-out programme, which so far has delivered over 22 million vaccines across the UK.

The Budget delivered many of the changes that I have been lobbying for on behalf of the residents of Radcliffe, Whitefield and Prestwich. The cancellation of the planned increases in both alcohol and fuel duty means that an average driver in Bury will save £1,600 against Labour’s fuel duty escalator. For the brewing and distilling sectors, the freeze on alcohol duty is also very welcome news, as it is for those who, like me, are looking forward to visiting pubs such as the Sparking Clog when they reopen shortly.

For homebuyers in Bury, there was the heartening announcement that the stamp duty holiday will be extended by a further three months to ensure that those who are in the process of buying will get the benefit of the reduction. Young people trying to get on the property ladder will be freed from Generation Rent, with Government- backed 95% mortgages to ensure that everyone can have the security of owning their own home.

For businesses in Whitefield, Prestwich and Radcliffe, help continues; the business rates holiday has been extended to the end of June, with a reduced payment for the remainder of the financial year, while the VAT reduction holiday for hospitality and tourism businesses has also been extended, until October. We are helping businesses build back as they reopen following lockdown by offering business restart grants to allow them to hit the ground running.

It would be remiss of me to talk about investing in businesses without talking about the super deduction. For many people, super deduction sounds like something out of a sci-fi movie, but it is really not just a huge tax cut, but a tax stimulus to invest in our own economy, our own research and development, our own learning and our own people. It is truly to be recommended.

The Chancellor announced that the levelling up fund is now open for applications for all areas of the UK. Over the next few weeks and months that will be my focus, working with Bury Council to put in the best bid possible to regenerate our town centres and high streets, such as Radcliffe and Prestwich. Securing that funding will be central to my ambition to improve our towns, so that we can have an even better place to live, work and go to school, even more so on the back of delivering the new high school for Radcliffe, which we secured just a few weeks’ ago.

I conclude by saying that this Budget will ensure that we can recover from coronavirus by delivering for jobs, apprentices, business and homebuyers, and will help boost world-leading investment programmes. In driving forward these spending plans, we can really build back better for a stronger Bury.